[BANGKO SENTRAL NG PILIPINAS LAUNCHES PROBE INTO COINS.PH OVER POTENTIAL GAMBLING FUND LINKS]
- Coins.ph, the Philippines’ largest crypto exchange and wallet operator, is under regulatory scrutiny due to alleged involvement with offshore gambling funds.
Bangko Sentral ng Pilipinas Initiates Investigation Into Coins.ph Amid Gambling Funds Concerns
The Philippine central bank has launched an inquiry into Coins.ph after officials allege that the platform may have facilitated transfers tied to offshore gambling operations. Sources familiar with the case indicate the BSP is evaluating potential violations under stricter anti‑money‑laundering (AML) regulations.
Should evidence of misconduct materialize, the company—a 12‑year‑old enterprise—could lose its operating licence and its senior leadership members may face significant penalties, including substantial fines and imprisonment.
This investigation comes on top of other challenges, including the BSP’s recent suspension of the platform’s Philippine peso deposit feature, redirecting withdrawals through DCPay and PESONet due to perceived weaknesses in internal AML controls. Despite these restrictions, Coins.ph remains operational and continues to facilitate cash‑out trades.
Widespread concern sparked by the probe intensified when several senior compliance staff left the firm, including Chief Compliance Officer Lexi Herrera, head of AML transaction monitoring Christopher Beño, and AML Officer Irish Calagui.
A Potentially Destabilising Development for Philippine Crypto Sector
An interior source likened the upcoming enforcement action—a possible licence withdrawal—to an “earthquake” in the local crypto ecosystem. With more than 18 million users and a 24‑hour spot trading volume surpassing $51.85 million, the falling out could reverberate widely.
Further stakes were highlighted by Coins.ph’s dominant role in the peso‑to‑stablecoin liquidity market, holding roughly 75 %–85 % of the nation’s instant conversion capacity. Given the Philippines’ status as the world’s third‑largest recipient of international remittances (≈ $40.28 billion in 2024), stablecoins have become a vital conduit for migrants seeking fast, low‑cost cross‑border transfers and protection against the peso’s inflationary pressure.
While Coins.ph has refuted any ties to unauthorized gambling, it maintains adherence to stringent compliance standards aligned with national legislation and regulations.